Otter Tail Credit Union
- Assets
- $15.4m
- Revenue
- $368.0k
- Investments
- $6.4m
- Employees
- 3
- Location
- Fergus Falls, MN
- Founding
- 09/1944
- Data as of
- 12/2020
- EIN
- 41-0790551
Organization Overview
Otter Tail Credit Union is located in Fergus Falls, MN. The organization was established in 1944. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2020, Otter Tail Credit Union employed 3 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Otter Tail Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2020, Otter Tail Credit Union generated $368.0k in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $324.6k during the year ending 12/2020. While expenses have increased by 1.4% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
Describe the Organization's Mission:
Part 3 - Line 1
THE OTTER TAIL CREDIT UNION IS A NOT-FOR-PROFIT, MEMBER OWNED, FINANCIAL INSTITUTION THAT OFFERS FINANCIAL PRODUCTS AND SERVICES TO ITS' MEMBERS AT COMPETITIVE RATES AND FEES. THESE PRODUCTS AND SERVICES WILL BE ADMINISTERED IN THE MOST ECONOMICAL WAY FEASIBLE. THE CREDIT UNION WILL HELP ITS' MEMBERS TO MAKE BETTER FINANCIAL CHOICES BY EDUCATING THEM.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTING THRIFT TO THE CREDIT UNION'S MEMBERS IS A PRIMARY SERVICE. THRIFT IS PROMOTED BY OFFERING A VARIETY OF SAVING ACCOUNTS. THE CREDIT UNION OFFERS BASIC SAVING ACCOUNTS, MONEY MARKET TYPE ACCOUNTS, IRA ACCOUNTS, AND CERTIFICATES OF DEPOSIT. ALL OF THESE ACCOUNTS HAVE EITHER NO MINIMUM BALANCE REQUIREMENTS OR VERY LOW MINIMUM BALANCE REQUIREMENTS. THE CREDIT UNION ALSO OFFERS ITS' MEMBERS PAYROLL DEDUCTION AND DIRECT DEPOSIT TO FACILITATE SAVINGS. IN 2020 THE CREDIT UNION PAID OUT $17,944.96 IN DIVIDENDS AND INTEREST TO ITS' MEMBERS.
LENDING IS ANOTHER PRIMARY SERVICE THE CREDIT UNION OFFERS ITS' MEMBERS. IN 2020 THE CREDIT UNION GRANTED 263 LOANS IN THE AMOUNT OF $2,645,176.34 TO ITS' MEMBERS. THE CREDIT UNION DOES NOT CHARGE THE MEMBERS AN APPLICATION FEE FOR LOANS NOR DOES IT HAVE A MINIMUM LOAN AMOUNT. THE CREDIT UNION'S LOANS DO NOT HAVE PRE-PAYMENT PENALTIES AND ALL OF THE LOAN CONTRACTS ARE SIMPLE-INTEREST CONTRACTS. THE CREDIT UNION OFFERS ITS' MEMBERS PAYROLL DEDUCTION TO MAKE PAYING THEIR LOANS MORE CONVENIENT.
THE CREDIT UNION PROVIDES ITS' MEMBERS WITH LOW COST SHARE DRAFT ACCOUNTS AS ANOTHER PRIMARY SERVICE. THESE SHARE DRAFT ACCOUNTS DO NOT HAVE A MINIMUM BALANCE REQUIREMENT NOR DO THEY HAVE MONTHLY SERVICE CHARGES. THERE ARE SOME FEES ASSOCIATED WITH THIS ACCOUNT BUT THE CREDIT UNION STRIVES TO KEEP THOSE FEES TO A LOWER AMOUNT THAN OTHER FINANCIAL INSTITUTIONS. THE CREDIT UNION ALSO FOLLOWS POLICIES DESIGNED TO KEEP MEMBER COSTS TO A MINIMUM. AT THE END OF 2020 THE CREDIT UNION 549 OF THESE ACCOUNTS OPEN.
THE CREDIT UNION OFFERS ITS' MEMBERS DEBIT CARDS, A TOLL-FREE AUDIO RESPONSE LINE, INTERNET BANKING, CHECK CASHING (NO CHARGE), ATM, NADA VALUATION GUIDES, NIGHT DEPOSIT BOX, NOTARY PUBLIC SERVICE (NO CHARGE), QUARTERLY NEWSLETTER, AND MEMBER-PAY CREDIT INSURANCE.
PROMOTING THRIFT TO THE CREDIT UNION'S MEMBERS IS A PRIMARY SERVICE. THRIFT IS PROMOTED BY OFFERING A VARIETY OF SAVING ACCOUNTS. THE CREDIT UNION OFFERS BASIC SAVING ACCOUNTS, MONEY MARKET TYPE ACCOUNTS, IRA ACCOUNTS, AND CERTIFICATES OF DEPOSIT. ALL OF THESE ACCOUNTS HAVE EITHER NO MINIMUM BALANCE REQUIREMENTS OR VERY LOW MINIMUM BALANCE REQUIREMENTS. THE CREDIT UNION ALSO OFFERS ITS' MEMBERS PAYROLL DEDUCTION AND DIRECT DEPOSIT TO FACILITATE SAVINGS. IN 2020 THE CREDIT UNION PAID OUT $17,944.96 IN DIVIDENDS AND INTEREST TO ITS' MEMBERS.
LENDING IS ANOTHER PRIMARY SERVICE THE CREDIT UNION OFFERS ITS' MEMBERS. IN 2020 THE CREDIT UNION GRANTED 263 LOANS IN THE AMOUNT OF $2,645,176.34 TO ITS' MEMBERS. THE CREDIT UNION DOES NOT CHARGE THE MEMBERS AN APPLICATION FEE FOR LOANS NOR DOES IT HAVE A MINIMUM LOAN AMOUNT. THE CREDIT UNION'S LOANS DO NOT HAVE PRE-PAYMENT PENALTIES AND ALL OF THE LOAN CONTRACTS ARE SIMPLE-INTEREST CONTRACTS. THE CREDIT UNION OFFERS ITS' MEMBERS PAYROLL DEDUCTION TO MAKE PAYING THEIR LOANS MORE CONVENIENT.
THE CREDIT UNION PROVIDES ITS' MEMBERS WITH LOW COST SHARE DRAFT ACCOUNTS AS ANOTHER PRIMARY SERVICE. THESE SHARE DRAFT ACCOUNTS DO NOT HAVE A MINIMUM BALANCE REQUIREMENT NOR DO THEY HAVE MONTHLY SERVICE CHARGES. THERE ARE SOME FEES ASSOCIATED WITH THIS ACCOUNT BUT THE CREDIT UNION STRIVES TO KEEP THOSE FEES TO A LOWER AMOUNT THAN OTHER FINANCIAL INSTITUTIONS. THE CREDIT UNION ALSO FOLLOWS POLICIES DESIGNED TO KEEP MEMBER COSTS TO A MINIMUM. AT THE END OF 2020 THE CREDIT UNION 549 OF THESE ACCOUNTS OPEN.
THE CREDIT UNION OFFERS ITS' MEMBERS DEBIT CARDS, A TOLL-FREE AUDIO RESPONSE LINE, INTERNET BANKING, CHECK CASHING (NO CHARGE), ATM, NADA VALUATION GUIDES, NIGHT DEPOSIT BOX, NOTARY PUBLIC SERVICE (NO CHARGE), QUARTERLY NEWSLETTER, AND MEMBER-PAY CREDIT INSURANCE.
PROMOTING THRIFT TO THE CREDIT UNION'S MEMBERS IS A PRIMARY SERVICE. THRIFT IS PROMOTED BY OFFERING A VARIETY OF SAVING ACCOUNTS. THE CREDIT UNION OFFERS BASIC SAVING ACCOUNTS, MONEY MARKET TYPE ACCOUNTS, IRA ACCOUNTS, AND CERTIFICATES OF DEPOSIT. ALL OF THESE ACCOUNTS HAVE EITHER NO MINIMUM BALANCE REQUIREMENTS OR VERY LOW MINIMUM BALANCE REQUIREMENTS. THE CREDIT UNION ALSO OFFERS ITS' MEMBERS PAYROLL DEDUCTION AND DIRECT DEPOSIT TO FACILITATE SAVINGS. IN 2020 THE CREDIT UNION PAID OUT $17,944.96 IN DIVIDENDS AND INTEREST TO ITS' MEMBERS.
LENDING IS ANOTHER PRIMARY SERVICE THE CREDIT UNION OFFERS ITS' MEMBERS. IN 2020 THE CREDIT UNION GRANTED 263 LOANS IN THE AMOUNT OF $2,645,176.34 TO ITS' MEMBERS. THE CREDIT UNION DOES NOT CHARGE THE MEMBERS AN APPLICATION FEE FOR LOANS NOR DOES IT HAVE A MINIMUM LOAN AMOUNT. THE CREDIT UNION'S LOANS DO NOT HAVE PRE-PAYMENT PENALTIES AND ALL OF THE LOAN CONTRACTS ARE SIMPLE-INTEREST CONTRACTS. THE CREDIT UNION OFFERS ITS' MEMBERS PAYROLL DEDUCTION TO MAKE PAYING THEIR LOANS MORE CONVENIENT.
THE CREDIT UNION PROVIDES ITS' MEMBERS WITH LOW COST SHARE DRAFT ACCOUNTS AS ANOTHER PRIMARY SERVICE. THESE SHARE DRAFT ACCOUNTS DO NOT HAVE A MINIMUM BALANCE REQUIREMENT NOR DO THEY HAVE MONTHLY SERVICE CHARGES. THERE ARE SOME FEES ASSOCIATED WITH THIS ACCOUNT BUT THE CREDIT UNION STRIVES TO KEEP THOSE FEES TO A LOWER AMOUNT THAN OTHER FINANCIAL INSTITUTIONS. THE CREDIT UNION ALSO FOLLOWS POLICIES DESIGNED TO KEEP MEMBER COSTS TO A MINIMUM. AT THE END OF 2020 THE CREDIT UNION 549 OF THESE ACCOUNTS OPEN.
THE CREDIT UNION OFFERS ITS' MEMBERS DEBIT CARDS, A TOLL-FREE AUDIO RESPONSE LINE, INTERNET BANKING, CHECK CASHING (NO CHARGE), ATM, NADA VALUATION GUIDES, NIGHT DEPOSIT BOX, NOTARY PUBLIC SERVICE (NO CHARGE), QUARTERLY NEWSLETTER, AND MEMBER-PAY CREDIT INSURANCE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David R West President | Officer | 40 | $44,392 |
Jeffrey Mckeever Chairman Of The Board | Trustee | 1.6 | $0 |
Russell J Larsen Treasurer | Trustee | 1.6 | $0 |
Paul Hennen Vice-Chairman | Trustee | 1.6 | $0 |
Karen Mostue Secretary | Trustee | 2 | $0 |
Tammy J Bolstad Membership Officer | Trustee | 1.2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $218,231 |
| Investment income | $144,209 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $368,027 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $44,392 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $70,537 |
| Pension plan accruals and contributions | $4,376 |
| Other employee benefits | $27,939 |
| Payroll taxes | $8,849 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $77,473 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,627 |
| Office expenses | $33,414 |
| Information technology | $2,336 |
| Royalties | $0 |
| Occupancy | $14,741 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $225 |
| Interest | $0 |
| Payments to affiliates | $390 |
| Depreciation, depletion, and amortization | $10,685 |
| Insurance | $11,475 |
| All other expenses | $3,270 |
| Total functional expenses | $324,608 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $192,948 |
| Savings and temporary cash investments | $3,061,756 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $5,300,568 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $7,046 |
| Net Land, buildings, and equipment | $264,286 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $6,442,857 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $144,895 |
| Total assets | $15,414,356 |
| Accounts payable and accrued expenses | $6,891 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $10,022 |
| Total liabilities | $16,913 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $13,941,579 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $1,455,864 |
| Total liabilities and net assets/fund balances | $15,414,356 |
Peer Organizations
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|---|---|---|
Magnifi Financial Credit Union Melrose, MN | $1,639,292,297 | $78,975,601 |
Members Cooperative Credit Union Duluth, MN | $1,064,400,556 | $45,708,037 |
First Community Credit Union Jamestown, ND | $1,060,866,226 | $50,434,728 |
Ideal Credit Union Woodbury, MN | $932,167,158 | $42,764,424 |
City & County Credit Union Saint Paul, MN | $1,170,197,946 | $41,175,696 |
Dutrac Community Credit Union Dubuque, IA | $980,523,751 | $36,287,980 |
Capital Credit Union Bismarck, ND | $692,597,459 | $34,065,557 |
Town & Country Credit Union Minot, ND | $639,797,460 | $30,613,353 |
Linn Area Credit Union Cedar Rapids, IA | $567,752,241 | $26,390,018 |
Southpoint Financial Credit Union Sleepy Eye, MN | $509,297,128 | $21,366,397 |
Heritage Credit Union Deforest, WI | $461,320,772 | $20,193,229 |
North Star Community Credit Union Maddock, ND | $392,799,949 | $17,250,607 |